1. SWOT

Question 1

purpose of a swot chart

Answer 1

to compile a basis of as much research and analysis as possible about a specific company

Question 2

an effective swot:

Answer 2

is specific
lists key points only
adopts past present future perspectives

Question 3

when developing a swot chart, it is important to…

Answer 3

• look at it based on a customer and competitors PoV

- do the external analysis before the internal analysis so you can reflect

Question 4

internal analysis

Answer 4

the strengths and weaknesses of a company.

they focus on the internal factors that give a company certain advantages and disadvantages in meeting target needs

Question 5

strengths

Answer 5

anything a company does and has that enables it to perform well and satisfy customers

Question 6

weaknesses

Answer 6

anything a company does of has that inhibits its abilities to perform well and satisfy customers

Question 7

company strengths are strengths when…

Answer 7

• they are valuable in $$
• rare
• unique
• are hard to duplicate

Question 8

external analysis

Answer 8

the threats and opportunities of a company

the assessment of current threats towards the business and potential opportunities to seize

Question 9

what you need to know about your competitors are…

Answer 9

• their marketing mix
• USP
• future goals
• SWOT profile

Question 10

sources of competitor information:

Answer 10

• what they say about themselves e.g. ads

- what others say about them e.g. reviews

Question 11

limitations of a SWOT

Answer 11

• deceptively simple (misused)
• can lead to oversimplification/misleading
• ultimately based on judgement and is subjective